Physicians Preferred Insurance Company has announced that it has been converted to a Florida stock company following the overwhelming approval of its subscribers.
Physicians Preferred was originally formed as an insurance reciprocal. The conversion will not result in any changes to the professional liability insurance policies issued by Physicians Preferred prior to the conversion.
Elliott Horovitz, founder and CEO of Physicians Preferred Insurance, said: Due to the steady growth of Physicians Preferred, we believe that the conversion to a stock company is a logical step for the company’s future. As a reciprocal insurer, Physicians Preferred was limited to raising capital from its insureds or from retained profits or from debt equity sources. As a stock company, we can raise capital as and when needed to pursue our business objectives. It offers us greater opportunities to compete with other malpractice insurers.